Peter Brandt, a futures trader who has been active in markets since 1975, has issued a fresh warning on Bitcoin (BTC).

The warning lands as BTC retests levels last seen at the start of the year.

In early February, Bitcoin fell close to $62,853 as tensions between the United States and Iran escalated sharply, rattling risk assets across the board.

The cryptocurrency recovered only gradually over the following months, peaking at slightly above $83,000 in the early days of May before rolling over again.

But the price is now back near those February lows. Bitcoin was down 3.08% over the past 24 hours and trading at $63,735 at press time, as per Decibel, treading dangerously close to the lows it set in February.

Related: Ripple lawyer on Peter Brandt’s XRP prediction

The expanding triangle

Brandt’s bearish warning rests on a pattern he flagged on June 2, charted on CME Micro Bitcoin Futures.

He called it the “expanding triangles” in Bitcoin, which he framed as a reliable indicator.

The chart tells the story. After bottoming near $63,000 in February, the contract spent months climbing higher inside a rising corridor, peaking around $84,000 in mid-May before rolling over.

Price has now broken back down through the lower edge of that structure and closed below its moving average, which is a bearish tell.

Brandt’s projection, drawn as a downward arrow, points to a measured move toward roughly $56,000, the standard target being the height of the formation projected from the breakout.

However, Brandt added,

 “A move back above 75,000 would change my analysis.” 

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Brandt sees no tradable low until October

By June 3, the setup Brandt flagged had hardened into a confirmed breakdown.

On a spot Bitcoin chart (BTC/USDT on Binance), price sliced through the lower edge of the same rising channel and tumbled to $63,572, a near-vertical drop that erased the spring rally.

Brandt told followers that Bitcoin had reached a key downside marker.

“As I see it, Bitcoin has met its initial target at Feb low,” he wrote. “This does not mean that BTC cannot work lower or have a terminal wash-out. I do not see a tradable low until October.”

Bitcoin is now trading below both its short- and longer-term moving averages, with the faster 8-period average crossing beneath the slower 18-period line, a bearish momentum signal chartists watch closely.